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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
ASSETS    
Available-for-sale debt securities, at fair value (amortized cost: $850,658 and $831,127) $ 878,567 $ 820,438
Equity securities, at fair value (amortized cost: $43,772 and $86,271) 43,141 63,277
Investment real estate, net 15,688 24,439
Total invested assets 937,396 908,154
Cash and cash equivalents 159,638 166,428
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 280,297 142,750
Reinsurance recoverable 217,301 418,603
Premium receivable, net 70,388 59,858
Property and equipment, net 41,016 34,991
Deferred policy acquisition costs 94,820 84,686
Income taxes recoverable 9,860 11,159
Deferred income tax asset, net 0 14,586
Other assets 15,927 14,540
Total assets 1,829,278 1,858,390
LIABILITIES:    
Unpaid losses and loss adjustment expenses 166,342 472,829
Unearned premiums 680,195 601,679
Advance premium 40,669 26,222
Accounts payable 3,396 3,059
Book overdraft 1,692 102,843
Reinsurance payable, net 300,094 93,306
Deferred income tax liability, net 2,571 0
Other liabilities and accrued expenses 55,044 45,422
Long-term debt 10,294 11,397
Total liabilities 1,260,297 1,356,757
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock, $.01 par value Authorized shares - 1,000 Issued shares - 10 and 10 Outstanding shares - 10 and 10 Minimum liquidation preference, $9.99 and $9.99 per share 0 0
Common stock, $.01 par value Authorized shares - 55,000 Issued shares - 46,713 and 46,514 Outstanding shares - 33,211 and 34,783 467 465
Treasury shares, at cost - 13,502 and 11,731 (180,331) (130,399)
Additional paid-in capital 93,546 86,353
Accumulated other comprehensive income (loss), net of taxes 21,089 (8,010)
Retained earnings 634,210 553,224
Total stockholders’ equity 568,981 501,633
Total liabilities and stockholders’ equity $ 1,829,278 $ 1,858,390
[1]
See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.